(1) The business and affairs of the corporation shall be conducted by a board of directors comprised of:
Four members elected by a vote of the eight participating financial institutions whohave made or committed the largest contributions to the loan and insurance funds provided for in sections 7-49-108 and 7-49-109; and
Two members elected by the remaining participating financial institutions; and
Three members, elected under procedures established in the articles of incorporationat the time of incorporation and approved by the governor and state treasurer, representing the general public; and
The executive director of the department of local affairs or the executive director'sdesignee, the chairperson of the banking board, the commissioner of insurance, the executive director of the Colorado housing and finance authority, and the state treasurer, who shall serve as ex officio voting members of the board of directors.
(2) Except for the ex officio members, the terms of office for each member shall be four years; except that, at the time of incorporation, a majority of the members of the initial board shall be elected for four-year terms and the remainder for two-year terms. Any vacancy shall be filled in the same manner as the original election but shall be for the unexpired term.
Source: L. 75: Entire article added, p. 266, § 1, effective June 29. L. 87: (1)(d) amended, p. 1196, § 16, effective May 20. L. 88: (1)(d) amended, p. 417, § 8, effective April 11. L. 2004:
(1)(d) amended, p. 1404, § 18, effective July 1.